MOSCOW, August 7 (RIA Novosti) - Russia’s Federal Law No. 281-FZ “On Special Economic Measures” was adopted by the State Duma on December 22, 2006, approved by the Federation Council on December 27, 2006, and signed by the President of the Russian Federation on December 30, 2006.
The law aims at creating a legal basis for the adoption of temporary economic measures in the case of an international emergency. Special economic measures are applied in cases of the emergence of a set of the circumstances requiring immediate reaction to an international and illegal act or unfriendly action of a foreign state or its bodies and officials, posing threat to the interests and safety of the Russian Federation and (or) breaking the rights and freedoms of its citizens, as well as according to the UN Security Council resolutions.
The special economic measures may be implied as a limitation on actions against a foreign country and (or) foreign organizations and citizens, as well as persons without citizenship, living on the territory of a foreign state, by imposing the obligation to act according to the specified actions and limitations.
The measures may be directed at the following: completely or partially suspending programs in the areas of economics, technical support, as well as military technical cooperation; banning or restricting financial and foreign economic operations; withdrawing from or suspending international trade agreements and other Russia’s agreements in the field of foreign economic relations; changing export and (or) import customs duties; banning or restricting entrance in Russia’s ports and the use of the whole or parts of Russia’s airspace; limiting tourism; banning or rejecting the participation in international scientific or research and technology programs and projects, including those abroad.
Special economic measures should not restrict more than is necessary to resolve the circumstances that prompted them. The decision of imposing (or lifting) such measures and their duration is made by Russia’s President based on the proposals of Russia’s Security Council. The Federation Council and the state government can also propose to the President to apply or lift the measures.
Russia’s President decides on lifting the special economic measures that were implied in the case of resolving the circumstances that served as the basis for their implementation. If the circumstances are eliminated before the deadline, such a decision is made prior to the scheduled date, and if they are not eliminated, then the deadline is extended.
The government decides upon the concrete economic measures.
If the special economic measures require a Russia’s Central Bank decision, the limitations are agreed between the Bank and the government. Russia’s President informs the Federation Council and the State Duma about the process of the implementation of the special economic measures at least once every six months. The Federation Council and the State Duma discuss the information as it comes and present the President with proposals to increase the measures’ effect. They can also propose to call off and (or) change the measures.
